USDJPY Reaches New Session High
Looking at the price action today, price broke above the 100 hourly MA at the start of Asian trading and in doing so also extended above a channel trendline.
This 100 hour MA was briefly broken during the morning session in London on a downward rotation, but the underside of the broken trendline could not be broken again. Price rallied higher, extending to new session high at 137.34.
On the upside, the November 28th swing low came in at 137.485. Above that, the November 30 swing low at 137.65 and last week’s high at 137.85 are targets to hit and break.
On the downside, it would take a break from the 100 and 200 hourly MAs to further tilt the downward bias for the pair going forward. Admittedly, the price has been trading above and below the 100/200 hourly MA over the past week as the market awaits the CPI and Fed decision this week.
US yields rebound in morning trading. The 10-year is up to 3.567%. The is almost unchanged. The 10-year was at 3.543% at the start of the New York session.